They think our love is just a growin’ pain
Why don’t they understand? it’s just a cryin’ shame
Their lips are lyin’, only real is real
We stop the fight right now, we got to be what we feel – GREECE is the word
– Lyrics from Grease (listen to song here)
How befitting are the words in the blockbuster song Grease. Greece is again today’s blockbuster. Did Greece sink the world stock markets? The EconomicCollapseblog writes,
A global stock market crash has begun. European stocks are crashing, Chinese stocks are crashing, and commodities are crashing. And guess what? All of those things happened before U.S. stocks crashed in the fall of 2008 too. In so many ways, it seems like we are watching a replay of the financial crisis of 2008, but this time around the world is in far worse shape financially. Global debt levels are at an all-time high, the 75 trillion dollar global shadow banking system could implode at any time, and there are hundreds of trillions of dollars in derivatives that threaten to wipe out major banks all over the planet. The last major worldwide financial crash was almost seven years ago, and very little has been done since that time to prepare for the next one. If global markets do not calm down, we could see carnage in the months ahead that is absolutely unprecedented.
For months, European authorities have been promising us that a “Grexit” is already “priced in” to the markets and that any “contagion” from the Greek crisis will be “contained”. Of course everyone knew that was just a smokescreen. Just in the past couple of days since the Greek “no” vote, European stocks have already been crashing. The following comes from Zero Hedge…
(Read the whole article here).
And I will smite the inhabitants of this city, both man and beast: they shall die of a great pestilence.